For over a decade wealth management, particularly within Swiss private banking, has been in a state of flux, driven by digitalisation, cost pressures, and market consolidation. As the pace of change accelerates, the limitations of traditional Client Lifecycle Operations (CLO) have become increasingly evident. Chief Operating Officers (COOs) are grappling with fragmented processes, compromised data integrity, and inconsistent client experiences.

Too often, banks resort to reactive, short-term fixes, adding layers of complexity to already outdated systems. This approach not only increases costs but stifles innovation and demotivates teams. To thrive in this dynamic environment, firms must transition from piecemeal solutions to a proactive strategy: reimagining operations through simplification while preparing for the next wave of technological transformation.

In this first blog in our series, we explore a starting point for increasing workflow automation and integration of client lifecycle—unlocking efficiencies, simplifying processes, cutting costs, and transforming client experiences.

Simplification, efficiency and cost: Why workflow automation matters for wealth managers

Client Lifecycle Operations (CLO) spans the entire client journey from prospecting to off-boarding, integrating people, processes, data and tools to create a distinctive client experience. However, fragmented systems and outdated technology often hinder efficiency, data consistency, and compliance. By modernising CLO with advanced platforms and effectively automating key parts of the process integrated automation, wealth managers can streamline workflows, enhance data integrity, and deliver consistent client experiences. This transformation addresses operational challenges, while enabling firms to innovate and adapt to evolving market and regulatory demands.

Why does this matter? In an industry built on trust, consistency and precision, robust CLO practices enhance satisfaction for internal teams and external clients alike, reduce operational errors, and drive cost efficiencies. With emerging technologies like (generative) AI redefining operational capabilities and accelerating software development, firms delaying automation and adoption of AI risk falling behind more agile competitors. A forward-looking approach enables wealth managers to leverage innovations for sustained success in a rapidly evolving market.

Illustration: Reimagining Client Lifecycle Operations

Challenges in workflow automation
Identifying challenges within Client Lifecycle Operations (CLO) is essential to start driving meaningful change. By addressing key challenge areas, wealth managers can reduce inefficiencies and eliminate bottlenecks, paving the way for impactful workflow automation. Below, we highlight four of the most common challenges in optimising CLO:

Illustration: Challenges in Client Lifecycle Operations

1. Balancing automation with operational risk

Workflow automation can streamline processes but must be implemented thoughtfully to ensure consistent performance.

• Simplifying manual processes boosts efficiency but requires careful planning to maintain business continuity, support staff, and foster innovation
• Striking the right balance between a higher degree of workflow automation and human oversight is critical for maintaining high standards and operational integrity

2. Overcoming inefficiencies of legacy systems

Legacy systems and convoluted workflows impede standardisation and scalability, creating inefficiencies across the client lifecycle, impacting the client and employees.

• Outdated technology prevents process optimisation, leading to inefficiencies and delays. On average, process steps in the lifecycle need to be revisited 49% of the time1, implying significant inefficiencies
• Limited resources for cross-functional initiatives make it necessary to rely on manual risk management and compliance activities, reducing the time relationship managers have for value-add activities.

3. Streamlining governance and reporting

Slow decision making, siloed organisation, and overall ineffective governance and fragmented reporting systems slow down operations

• A lack of clear accountability delays data sharing and creates inefficiencies.
• Disorganised reporting efforts result in inconsistent responses to client and regulatory demands, hampering data-driven insights

4. Improving data quality

Disconnected or inconsistent data impedes decision-making and operational efficiency.

• Inadequate standardisation leads to discrepancies across systems, resulting in incomplete or inaccurate client information
• Data silos obstruct automation tools that rely on centralised data for smooth execution

Starting to automate workflow

Many wealth managers recognise the need for increased workflow automation but hesitate to take the first step. The key lies in identifying high-impact areas that deliver immediate results, building momentum for broader initiatives.

1. Define clear metrics

Set measurable goals to track workflow automation success, such as reducing onboarding times by 30–50%, cutting compliance error rates, or improving client satisfaction scores. These metrics provide tangible benchmarks operational impact.

2. Prioritise high-impact processes

Begin with repetitive, time-consuming tasks like KYC updates, sanctions checks, or document management. Automating these can reduce processing times by up to 60% and improve compliance accuracy, freeing employees for strategic activities.

3. Simplify and standardise

Streamline workflows by reducing repetitive activities and creating standardised processes before automating. This reduces revisit rates (and embeds compliance rules into systems for consistent execution.

4. Implement and measure results

Deploy scalable workflow automation tools that integrate processes across departments. Track outcomes using metrics such as onboarding times, error reductions, and productivity improvements. Leading firms have already reduced manual errors and cut onboarding times, demonstrating the transformative potential of well-applied workflow automation.
Starting with a well-chosen aspect of the client lifecycle allows firms to achieve measurable improvements, setting the stage for further automation.

Conclusion and outlook

Workflow automation in Client Lifecycle Operations is no longer optional—it is essential for wealth managers seeking to stay competitive. By defining clear metrics, prioritising impactful processes, simplifying workflows, and implementing scalable tools, firms can unlock efficiencies, reduce risks, and enhance client experiences.

In our next blog, we will explore the critical success factors for implementing client lifecycle automation. How can organisations ensure they have the right technology and resources? What role does change management play in successful adoption?

Key contact

Sergio Cruz, Partner, Consulting

Sergio is partner at Deloitte’s Engineering, AI & Data practice in Zurich and has more than 25 years of experience in Consulting. He focuses on large scale front-to-back digitalisation programs in financial services and has worked on several large assignments both in Switzerland and abroad, covering the implementation of regulatory requirements and the definition as well as implementation of target operating models and process optimisations.

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André Im Thurn, Director, Engineering, AI & Data

André is a Director with a wealth of experience in orchestrating extensive digital transformation initiatives for multinational banking institutions, financial services enterprises, asset management firms, pharmaceutical corporations, and media conglomerates. His expertise prominently encompasses end-to-end deployments, stringent data privacy compliance, capital markets alignment, and enhancements to data-centric operational frameworks.

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Tim Haeseker, Director, Engineering, AI & Data

Tim Haeseker is a Director in the Banking Solutions team, specialising in simplifying banking operations, designing new target operating models, and digitalising front-to-back client lifecycle operations. He leads the simplification initiative and co-leads the Operating Model Design working group. With over 15 years of consulting experience, Tim has managed multi-year projects tackling regulatory, financial, and technological challenges faced various banks. Across financial industries has defined and delivered large-scale transformation projects, developing conceptual methodologies, and coordinating global rollouts.

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Rogier van der Klauw, Manager, Engineering, AI & Data

Rogier is an experienced Strategy & Operations consultant, specialized in translating big picture strategy to the design of practical operations and processes. He has a broad experience in Operating Model Transformation across multiple projects in different industries, from global corporates to startups. Rogier specializes in the Client Lifecycle Management, Simplification, and Digitisation, technology transformation, target operating model and strategy projects.

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